Emirates signs USD265 million financing agreement for two B777-300ER aircraft

This is the first time that Emirates has used support from the US Ex-Im Bank, and creates a new source of aircraft financing for the airline's rapidly-expanding fleet.

The financing for the two B777-300ER aircraft is fully arranged and funded by Royal Bank of Scotland (RBS). The innovative 12-year financing, which combines an Ex-Im supported loan with commercial funding, carries a weighted average cost of funds of 0.67 per cent over three-month Libor (London Inter Bank Offered Rate).

Riyaz Peermohamed, Emirates' Senior Vice President Corporate Treasury, said:

"This US Ex-Im financing opens up yet another new and important source of financing and is a vote of continued confidence in Emirates. Our strengthening relationship with the US Ex-Im Bank will help us finance a number of Emirates future Boeing deliveries. We are appreciative of the support of RBS which is one of the leading financiers of aircraft in the world."

Emirates is one of the world's fastest growing international airlines, and the second most profitable. Independent and financially self-sustained, Emirates operates an all wide-bodied fleet of 87 aircraft comprising: 29 Airbus A330-200s, 12 Boeing 777-300s, nine Boeing 777-200s, ten Airbus 340-500s, eight A340-300s, nine Boeing 777-300ERs, one Airbus A310, two Airbus A310F and six Boeing 747 freighters.

Emirates flies to over 75 cities in 54 countries in Europe, North America, the Middle East, Africa, Indian subcontinent and Asia-Pacific. Since January 2005 the airline has launched services to a number of new destinations, including the Seychelles, Seoul and Alexandria so far this year.

Its order book currently includes 45 Airbus A380-800s (including two A380Fs), 44 Boeing 777-300ERs, 10 Boeing 777-200LR Worldliners, 8 Boeing 777 Freighters, one A310-300F and 20 Airbus A340-600HGW aircraft. By 2012 Emirates expects to have nearly twice as many jets in its fleet as it does today.